Nuveen Churchill Direct Lending Corp

Earnings data Q1 2024

Earnings data Q2 2024

Earnings data Q3 2024

Earnings data Q4 2024

NCDL reports robust Q3 earnings, eyes growth in core markets

NCDL's Q3 performance showcased strength in net investment income and portfolio management.
While facing challenges of market competition, the company remains optimistic about its core market positioning.
Opportunities for growth include expanding relationships and leveraging the core middle market for better returns.

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Nuveen Churchill Direct Lending Corp. engages in the provision of investment services. It focuses primarily on investing in senior secured loans to private equity-owned U.S. middle market companies. The company was founded on March 13, 2018 and is headquartered in New York, NY.

Nuveen Churchill Direct Lending is a newly IPO'd BDC with strong fundamentals, trading at a 4.3% discount to NAV. NCDL boasts a diversified portfolio, heavily weighted towards first-lien loans (90.6%), positioning it well for economic volatility. Solid balance sheet with no near-term debt maturities and a leverage ratio below the sector median, indicating potential for growth.

Nuveen Churchill Direct Lending: 10.5% Yielding BDC In Our Buy Zone

Nuveen Churchill Direct Lending is a promising BDC with a market cap of $946M, offering an attractive 10.4% yield and a -4.9% NAV discount. Insider buying, including recent CEO share purchases, signals strong confidence in NCDL's near-term future and the potential for a BDC sector rebound. Despite being relatively unnoticed since its IPO, NCDL's portfolio has been meticulously developed by Nuveen, making it a compelling addition to a high-yield income portfolio.

Nuveen Churchill Direct Lending: Why I Am Following Insider And Buying This BDC

Cohen & Steers Closed-End Opportunity Fund

"Distribution Coverage" sounds very important and critical. So what is it? It involves identifying the cash flow sources of distributions from different types of closed-end funds, and how stable and predictable those sources appear to be. Credit funds and Equity funds have very different sources of distributions - some very stable and predictable, others more volatile.

Distribution/Dividend Coverage: Why It's Important And What Investors Need To Know

NCDL is a business development company, offering high income potential for its shareholders. Its portfolio is defensively structured with a high degree of diversification, first-lien exposure, and low non-accruals. NCDL's outstanding regular dividend coverage provides a wide margin of safety in the case of further interest rate cuts (sensitivity analysis provided).

Nuveen Churchill Direct Lending: The Market Is Sleeping On This BDC

We take a look at the BDC Nuveen Churchill Direct Lending (NCDL) Q3 results. NCDL trades at a 13.1% dividend yield and a 7% discount to book. The company's portfolio focuses on the tech and healthcare sectors, with an above-average first-lien portfolio and strong diversification across 202 positions.

NCDL: Excellent Performance, Supported By IPO-Related Fee Waivers

Nuveen Churchill Direct Lending Corp. (NYSE:NCDL ) Q3 2024 Earnings Conference Call November 7, 2024 11:00 AM ET Company Participants Robert Paun – Head-Investor Relations Ken Kencel – Chairman, President and Chief Executive Officer Shai Vichness – Chief Financial Officer Conference Call Participants Brian Mckenna – Citizens Maxwell Fritscher – Truist Derek Hewett – Bank of America Paul Johnson – KBW Operator Welcome to Nuveen Churchill Direct Lending Corp.'s Third Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode.

Nuveen Churchill Direct Lending Corp. (NCDL) Q3 2024 Earnings Call Transcript

NEW YORK--(BUSINESS WIRE)--Nuveen Churchill Direct Lending Corp. (NYSE: NCDL) (“NCDL” or the “Company”), a business development company externally managed by its investment adviser, Churchill DLC Advisor LLC (the “Adviser”), and by its sub-adviser, Churchill Asset Management LLC (“Churchill”), today reported financial results for the quarter ended September 30, 2024. Financial Highlights for the Quarter Ended September 30, 2024 Net investment income of $0.58 per share Net realized and unrealize.

Nuveen Churchill Direct Lending Corp. Announces Third Quarter 2024 Results

Morgan Stanley Direct Lending Fund

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We take a look at the action in business development companies through the fourth week of October and highlight some of the key themes we are watching. BDCs underperformed this week but still outpaced the broader income market, with larger BDCs leading month-to-date performance. PSEC increased its preferred issuance cap to $2.5bn.

BDC Weekly Review: PSEC Doubles Down On Its Strategy

Blackstone Secured Lending Fund

Blue Owl Capital Corp

We take a look at the action in business development companies through the third week of October and highlight some of the key themes we are watching. BDCs had a strong week, rising over 1%, supported by reduced expectations of rate cuts. The rise in Payment-in-Kind (PIK) income, now at 7.5%, raises concerns about potential credit issues, though not all PIK is distress-related.

BDC Weekly Review: PIK Is At Record High

NEW YORK--(BUSINESS WIRE)--Nuveen Churchill Direct Lending Corp. (NYSE: NCDL) (“NCDL” or “the Company”), today announced it will report its financial results for the third quarter ended September 30, 2024, on Thursday, November 7, 2024, before the market opens. The Company will host an earnings conference call and public webcast at 11:00 AM Eastern Time the same day to discuss its financial results. All interested parties may participate in the conference call by dialing (866)-605-1826 approxim.

Nuveen Churchill Direct Lending Corp. Schedules Third Quarter 2024 Earnings Release and Conference Call

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Flaherty & Crumrine Preferred Income OpportunityFund Inc

The Fed is expected to lower short-term rates soon, impacting distributions for investment vehicles like CEFs and BDCs. Investors should focus on both distribution paths and valuations of CEFs, as valuation changes can significantly affect portfolio wealth. BDCs, despite holding floating-rate assets, offer high dividend coverage and income diversification, making them attractive even in a rate-cutting cycle.

Gauging Distribution Winners And Losers In The Next Rate Cycle

NCDL is a relatively new BDC with an IPO date in January this year. In my previous piece that was issued back in May, I outlined several areas of concern that lead to a neutral stance. However, seeing the Q2, 2024 data and putting all of the critical pieces together, I have decided to upgrade it from hold to buy.

NCDL: The Data Is Too Good To Maintain Hold (Rating Upgrade)

Bain Capital Specialty Finance Inc

We take a look at the action in business development companies through the third week of August and highlight some of the key themes we are watching. BDCs delivered a 2% total return on the week, starting to climb out of the early August drawdown. A recent Bloomberg article on Prospect Capital focused on cash generation and preferred stock issuance.

BDC Weekly Review: PSEC Gets Bad Press

Over the last couple of weeks we added a number of new BDC positions to our Income Portfolios despite a fairly expensive credit market backdrop. We discuss the reasons behind this and where we see value in the BDC space. Recent market hiccup has opened up attractive opportunities in the BDC sector, particularly in newly IPO'd companies with lower liquidity and awareness.

Why We Are Adding BDCs To Our Income Portfolios Right Now

We initiate coverage of business development company Nuveen Churchill Direct Lending Corp. It trades at a 13% dividend yield. Portfolio quality has remained stable, with low non-accruals and a focus on first-lien loans. We added a position in the stock given its portfolio quality, resilience and above-average valuation-adjusted performance.

NCDL: Initiating Coverage And Adding A Position In This 13% Yielding BDC

Nuveen Churchill Direct Lending Corp. (NYSE:NCDL ) Q2 2024 Earnings Conference Call August 7, 2024 11:00 AM ET Company Participants Alona Gornick - Senior Investment Strategist Kenneth Kencel - Chairman, President and CEO Shai Vichness - Chief Financial Officer and Treasurer Conference Call Participants Brian McKenna - JMP Securities Douglas Harter - UBS Mark Hughes - Truist Securities Operator Welcome to the Nuveen Churchill Direct Lending Corp. Second Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode.

Nuveen Churchill Direct Lending Corp. (NCDL) Q2 2024 Earnings Call Transcript

NEW YORK--(BUSINESS WIRE)--Nuveen Churchill Direct Lending Corp. (NYSE: NCDL) (“NCDL” or the “Company”), a business development company externally managed by its investment adviser, Churchill DLC Advisor LLC (the “Adviser”), and by its sub-adviser, Churchill Asset Management LLC (“Churchill”), today reported financial results for the quarter ended June 30, 2024. Financial Highlights for the Quarter Ended June 30, 2024 Net investment income per share of $0.57 Total net realized and unrealized lo.

Nuveen Churchill Direct Lending Corp. Announces Second Quarter 2024 Results

NEW YORK--(BUSINESS WIRE)--Nuveen Churchill Direct Lending Corp. (NYSE: NCDL) (“NCDL” or “the Company”), today announced it will report its financial results for the second quarter ended June 30, 2024, on Wednesday, August 7, 2024, before the market opens. The Company will host an earnings conference call and public webcast at 11:00 AM Eastern Time the same day to discuss its financial results. All interested parties may participate in the conference call by dialing (866)-605-1826 approximately.

Nuveen Churchill Direct Lending Corp. Schedules Second Quarter 2024 Earnings Release and Conference Call

Nuveen Churchill Direct Lending Corporation is a BDC that went public this year, but so far, has underperformed the BDC index. By looking at the underlying financials, we will recognize a sufficient basis of data points that explain the market's reaction. In this article, I assess NCDL's fundamentals and elaborate on the key risks that, in my opinion, are sufficient for assuming a conservative view against NCDL.

NCDL: Too Many Uncertainties To Go Long

Nuveen Churchill Direct Lending Corp. (NYSE:NCDL ) Q1 2024 Earnings Conference Call May 9, 2024 11:00 AM ET Company Participants Alona Gornick - Senior Investment Strategist Ken Kencel - Chairman, President and CEO Shai Vichness - Chief Financial Officer and Treasurer Conference Call Participants Vilas Abraham - UBS Brian McKenna - Citizens JMP Mark Hughes - Truist Securities Operator Hello and welcome to the Nuveen Churchill Direct Lending Corp. First Quarter 2024 Earnings Call. [Operator Instructions] A question-and-answer session will follow the formal presentation.

Nuveen Churchill Direct Lending Corp. (NCDL) Q1 2024 Earnings Call Transcript

NEW YORK--(BUSINESS WIRE)--Nuveen Churchill Direct Lending Corp. (NYSE: NCDL) (“NCDL” or the “Company”), a business development company externally managed by its investment adviser, Churchill DLC Advisor LLC (the “Adviser”), and by its sub-adviser, Churchill Asset Management LLC (“Churchill”), today reported financial results for the quarter ended March 31, 2024. Financial Highlights for the Quarter Ended March 31, 2024 Net investment income per share of $0.56 Total net realized and unrealized.

Nuveen Churchill Direct Lending Corp. Announces First Quarter 2024 Results

NEW YORK--(BUSINESS WIRE)--Nuveen Churchill Direct Lending Corp. (NYSE: NCDL) (“NCDL” or “the Company”), today announced it will report its financial results for the first quarter ended March 31, 2024, on Thursday, May 9, 2024, before the market opens. The Company will host an earnings conference call and public webcast at 11:00 AM Eastern Time the same day to discuss its financial results. All interested parties may participate in the conference call by dialing (866)-605-1826 approximately 10-.

Nuveen Churchill Direct Lending Corp. Schedules First Quarter 2024 Earnings Release and Conference Call

Nuveen Churchill Direct Lending Corporation is a new business development company that focuses on investing in senior secured loans to middle market companies. NCDL takes on more risk by investing in second lien loans and secondary exposures, and also includes equity investments as part of its strategy. The top three sectors in NCDL's portfolio are services business, healthcare/pharmaceuticals, and high tech.

With NCDL, Nuveen-Churchill Offers Their First BDC

Nuveen Churchill Direct Lending Corp. (NCDL) Q4 2023 Earnings Call Transcript

News for Nuveen Churchill Direct Lending Corp Stock (NCDL)